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OTP: How Scammers Steal Money From People's Accounts You Should Know & How To Avoid Being A Victim.

OTP: How Scammers Steal Money From People's Accounts You Should Know And How To Avoid Being A Victim.

One of the most expensive "commodities" on earth is not gold or some other precious stones out there; the most expensive thing on earth is ignorance. If you are to take a survey on the statistical analysis of the amount of money "ignorance" has taken away from you, you will be so amazed how expensive ignorance has cost you and rob you of thousands of naira if not millions.

One pathetic thing about ignorance is that you will be paying the price "Mumuciously" and still be congratulating yourself that you have done well. Let me give you an instance for a better understanding of what I meant- Your system( laptop) had a little software problem that can easily be solved by pressing one or two buttons on the keyboard within a minute, but because you are ignorant of how to go about it, you take it to an engineer to help you check it. By mere seeing it, the engineer knew he only need to click one or two buttons on the keyboard and the system will be restored to normalcy, but he wouldn't tell, instead, he will cook up something like...the motherboard is bad and it will cost you "fifteen thousand naira" and you ignorantly bargain fo"r thirteen thousand naira", and he agrees to "help you" out.

He asked you to pay the money and return tomorrow for your laptop which you happily paid and went away. He went on to click two buttons on the keyboard and your laptop is restored, you come the next day appreciating the engineer for the assistance after seeing your laptop working fine. Now, What you just paid for is called the "Ignorance fee ". The original cost for clicking those two buttons on the keyboard may just cost #50 or #100.

The above illustration is aimed at opening you up to the reality that the work or services you are paid for on daily basis, the "highest percentage" is paid for your ignorance. Ignorance will always make you pay heavily and painfully and the funny thing about this dispensation is that ignorance is not an excuse. It is your responsibility to save yourself the price ignorance may cost you by applying your heart to knowledge.

Ignorance has cost a lot of people their lives, but that will not be your portion.

This piece is aimed at opening your eyes especially in these "Ember" months that are characterized by festivities. it is no news that yelutides seasons are usually characterized by a high rate of crimes; scammers are devising new strategies and technologies to get at their target victims. My interest here is to help you safeguard your funds before and after the festivities by unveiling some secrets to you.

Please follow me closely at this point.

One of the most used ways by scammers to steal funds from people's accounts is by luring or deceiving their target victims to send an OTP sent to their account-linked phone number. In most cases, these scammers disguise themselves professionally to be bank staff and are from the customer service unit trying to fix a particular problem or the other on your account.

Before we continue, let's know what is OTP: OTP simply refers to ONE TIME PASSWORD. The six-digit number is usually sent to your account-linked phone number and grants access to E- transaction on your account. The password is referred to as a one-time password because it can only be used once for a single transaction and that's all.

This six-digit password confirms the legitimacy of the transaction as the password can only be sent to the phone number linked to your bank account, hence having access to it can grant an immediate transaction on your account.

Please note here that bank staff doesn't need OTP of any sort to update your bank details whatsoever, so be wise and be smart so that you are not outsmarted.

Lessons to learn in summary.

1.Having know what OTP is and what it is capable of doing to your funds, you must bear in mind that bank staffs don't need OTP to update your bank details of any sort.

2. Any time you received an OTP on your bank-linked phone number and a number call you asking you to send it immediately, kindly ignore it. You must NOT send it for any reason at all.

3. As soon as you receive an OTP on your account-linked phone number, you must know that scammers are already in possession of your account details which will include card details, account number, pin, and BVN.

What to do immediately you notice an attempt if a fraudulent transaction on your account:

What you are expected to do immediately is to block your card or restrict your account. You can do yourself a favor by browsing the card blocking code for your bank, or kindly follow my next post for card blocking code for all banks.

Dial the code immediately if you perceive a suspicious attempt on your account.

Note that you can block or restrict your account using any mobile number available to you. All you need is to provide your account and pin and it is done.

After blocking your card or restricting your account, you can then proceed to the bank to report the suspicious attempt on your account, and your bank will advise you on what to do and can as well unblock or un-restrict your account as the case may be.

Kindly use the comment section below for any question or clarity and you will be attended to accordingly. Kindly leave feedback if you got value from this piece. Thank you.

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